“Whilst the industry should not overreact, there is no doubt it will be a tougher market in which to do business until some certainty is attained in terms of any negotiation access to the EU single market, which remains key, as does flexibility in the labour market,” said Kim Vernau, chief executive of BLP Insurance.

Vernau said a fall in sterling would make materials from the Continent more expensive, and the uncertainty over the future of labour market flexibility would have a dampening effect.

“The industry now needs to focus on moving forward, united in ensuring both residential and commercial sectors remain attractive as an investment both domestically and internationally,” Vernau said.